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Monaco's operator of luxury casinos, hotels and resorts including the Casino de Monte-Carlo and Hotel de Paris.
Monaco's operator of luxury casinos, hotels and resorts including the Casino de Monte-Carlo and Hotel de Paris.
Hotels, casinos and restaurants work as a single resort business built on a government concession, with high-spending visitors at both hotels and gaming tables, plus rents from retail space and property it owns in the principality. The Monaco state is the controlling shareholder, so the company depends on the principality's rules and image.
In one line: Monaco's version of a Las Vegas Sands, but ultra-luxury and tiny.
Moat: narrow (brand, regulatory licence, scale). Exclusive gaming licence and iconic Monaco real estate, but small scale and majority state ownership limit float.
Headquarters: Monte-Carlo, Monaco · Founded: 1863 · Employees: 4,953
Size Monte-Carlo Societe des Bains de Mer (BAIN.PA) is a France Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $4.06B, the 74th largest of 206 France companies the cockpit tracks. Shares closed at €147.50 on 6 Nov 2026.
Performance Over six months the shares gained 9.3%, against +3.3% for the median peer and -0.4% for the France market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 12.2% over the last twelve months (peer median +3.4%); the operating margin is 8.7% (peer median 17.7%).
Valuation It trades at 4.1× enterprise value to sales against a peer median of 3.2× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.9 points below its cost of capital (6.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €862M | €862M | €768M | €704M | €667M |
| Revenue growth | — | +12% | +9% | +6% | — |
| Gross profit | €136M | €136M | €109M | €104M | €102M |
| EBITDA | €171M | €171M | €149M | €141M | €137M |
| Net income | €113M | €113M | €110M | €104M | €896M |
| Free cash flow | €25.4M | €25.4M | €71.5M | €73.4M | €66.5M |
| Capital expenditure | €177M | €177M | €102M | €108M | €95.6M |
| Total debt | n/a | €45.2M | €46.9M | €35.8M | €102M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Monte-Carlo Societe des Bains de Mer BAIN.PA | $4.06B | +9% | +12% | 9% | 4.1× | 24.2% |
| Las Vegas Sands LVS | $25.5B | -23% | +11% | 22% | 2.8× | -2.5% |
| Wynn Resorts WYNN | $8.56B | -19% | +6% | 16% | 2.4× | 1.7% |
| MGM Resorts MGM | $8.18B | -17% | +3% | 6% | 2.0× | 16.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BAIN.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.2% | +9.5% | 3rd lowest of 21 |
| 6-month return | +9.3% | +3.3% | 10th highest of 21 |
| Distance from 52-week high | -4.2% | -13.6% | 6th highest of 21 |
| Revenue growth (TTM) | +12.2% | +3.4% | 5th highest of 21 |
| Operating margin | 8.7% | 17.7% | 3rd lowest of 21 |
| EV / Sales | 4.1× | 3.2× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 24.2% | 3.2% | 4th most demanding of 18 |
| Growth delivered (Del g) | +20.7% | +16.0% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | +3.5 pp | -18.7 pp | most demanding of 18 |
| ROIC minus cost of capital | -2.9 pp | -0.1 pp | 5th lowest of 20 |
| EV / EBITDA | 20.6× | 13.2× | 4th most expensive of 19 |
| Net debt / EBITDA | -0.6× | 4.1× | 4th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | 4.1× | 24.2% | +20.7% |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 7.8× | 37.0% | +64.8% |
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 2.5× | 3.2% | +11.2% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 2.5× | 1.8% | +43.1% |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 4.4× | 13.3% | +11.2% |
| Shanghai Jin Jiang International Hotels 600754.SS | China | $3.18B | -16% | +5% | 14% | 2.2× | -8.1% | +6.9% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 4.5× | 4.8% | +15.6% |
| Wyndham Hotels & Resorts WH | United States | $5.64B | -6% | +1% | 37% | 5.7× | 1.8% | +1.8% |
| Vail Resorts MTN | United States | $5.66B | +26% | -4% | 16% | 3.2× | 9.6% | +8.2% |
| Guoco 0053.HK | Hong Kong | $2.90B | 0% | -11% | 13% | 2.5× | -3.9% | +16.0% |
| Seibu 9024.T | Japan | $6.11B | +2% | -41% | 10% | 3.0× | n/a | n/a |
| Melia Hotels International MEL.MC | Spain | $2.67B | -10% | +5% | 13% | 2.3× | 7.3% | +31.5% |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 3.4× | 9.7% | +37.7% |
| Leela Palaces Hotels & Resorts THELEELA.NS | India | $2.45B | +65% | +17% | 42% | 14.5× | n/a | n/a |
| Resorttrust 4681.T | Japan | $2.36B | -1% | +8% | 12% | 1.4× | -6.4% | +9.4% |
| Scandic Hotels SHOT.ST | Sweden | $2.29B | +16% | +3% | 13% | 3.0× | 3.2% | +24.4% |
| BTG Hotels (Group) Co Ltd Shs -A- 600258.SS | China | $2.25B | -14% | -3% | 18% | 2.7× | -11.1% | +7.6% |
| Lindblad Expeditions LIND | United States | $2.23B | +61% | +17% | 8% | 3.1× | 33.0% | +56.4% |
| Hbx Group International HBX.MC | Spain | $2.19B | +29% | +4% | 38% | 3.6× | -4.2% | +18.4% |
| Hotel Properties H15.SI | Singapore | $2.07B | +11% | +2% | 7% | 6.8× | n/a | n/a |
| EIH EIHOTEL.NS | India | $2.07B | -7% | +8% | 29% | 6.5× | 28.9% | +42.9% |